Anand Rathi Advises Subscribing to Sahajanand Medical Technologies IPO

what happened

Moneycontrol.com, citing Anand Rathi, reports that Sahajanand Medical Technologies Limited, founded in 2001, develops, makes and markets cardiovascular devices. The business is split into two segments, Vascular Intervention and Structural Heart, with a range that includes drug-eluting stents, balloon catheters, TAVI systems and occluders. The company sells in 77 countries, holds a leading share of India's domestic drug-eluting stent market and owns 119 granted patents worldwide.

Referring to a Frost & Sullivan report, the broker notes the company was the first in the world to win CE approval for a biodegradable polymer-based paclitaxel-eluting stent. Research and development is carried out in India and Thailand. At the upper end of the price band, the issue is valued at 50.6 times FY26 P/E and 21.6 times FY26 EV/EBITDA, implying a post-issue market capitalisation of about ₹34,996 million. Anand Rathi has given the offer a "Subscribe - Long Term" rating.

why it matters

For markets, the offering is a gauge of investor appetite for Indian medtech makers and for how exporters with overseas revenue are priced. The stated multiples at the upper band give a reference point for comparing the issue with listed peers. The rating reflects the broker's own assessment and is not a recommendation from Newsmetry.

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